How to strategically fund your startup wellness business

Hello everyone, it's Sachin. I hope you're doing awesome. Thank you for joining me today. Today we are going to be discussing one of the most important topics in fueling your business for growth and success, which is funding. In fact, my story goes back to the very beginning of what feels like time, but really the beginning of my business, which is when I actually was able to secure a home equity line of credit. I don't know if that was strategically the best thing for me to do, but it was the thing that got me out of a jam that I was in. As some of you may know, I was owed about $60,000, just moved into a new house about a year prior to this. My wife had a major traumatic birth experience with my son, didn't go back to work. We lost her six figure income and we were in a pretty tough position. And I walked away from the job that I was working at and didn't really have any immediate solutions to fund my business because I was owed all this money. I was indebted in my. And my parents didn't really have a backup plan for me, so didn't have the bank of dad, as they like to call it, right. Didn't have the bank of dad to bail me out. So fortunately I was able to get a small item credit and that was enough to fuel my business so that I could take my money or my mind off of money and focus on creating my best work. Now fast forward to 11 years later. I look back and think that that was one of the most important decisions I made because it allowed me to shift from reactionary mode to going into a responsive mode. And when we as entrepreneurs are responsive, we tend to be far more effective at what we do. Now recently I had the pleasure of meeting Ty or Tyler, depending on what he likes to go by. And we were able to engage in a meaningful conversation. And I thought, you know what, more practitioners need to hear this because he's got a very different and unique approach to money and a unique approach to how you can fund your dreams. So without further ado, welcome. Ty. Thanks for joining us today.

Hey, thank you. I'm happy to be here. I appreciate the intro and Ty is great. I don't know Autofill did Tyler for some reason. So.

I know you by Ty, but I saw that your, your name tag says Tyler on zoom. So I didn't want to, didn't want to call you something you don't like to be called.

Oh, no worries. Appreciate it. Happy to be here. Thank you.

Well, thanks for Joining us. And you know what I'd like to do is start off by helping people understand a little bit more about you and understanding a little bit more about your background. How'd you get into this? Because your background isn't necessarily in funding, right? Like you come from a different background as an entrepreneur and now you're working in this space to help fund and fuel entrepreneurs dreams. So let's start there.

Yeah. So oddly enough, my roadmap to getting into funding going to Brigham Young University here in Utah and was studying finance. And over and over I kept not getting into the finance program. And so I said, you know what, forget it, I don't want to do finance anyway. And I got into sales, I started doing sales and I started selling trainings and then started selling all these different softwares and continually I kept running into clients that it was like Ty, this would, this would change my business, but I can't afford it. And I'd kind of do a credit analysis and look over it just because of my background and say, you know what, yeah, you, you really can't afford it, you don't have money and I don't think you should go sell your vehicle so that you can buy the software. And so after running into that again and again, I started to do a lot of research on what we would now call creative financing. And it's been over five years ago now. I started to work with my business partner now, Leo Cannell, who's actually been doing this for about 15 years. And I started to just run a creative funding business, funding only program for him. And I started to use my connections and groups that were selling coaching and training and softwares and different services. And there's never really been a finance solution for them. There wasn't this point of sale finance like you get when you go buy a peloton for someone to, for someone to do a coaching program. And so we realized we kind of have to think outside the box. And we started to work with these different groups and figure out creative finance solutions where hey, here's how you can still leverage 0% interest, leverage your credit, leverage your business credit and really do the things you need to do so money doesn't have to hold you back anymore. And before I knew it, you know, I all of a sudden here I am in finance even though I couldn't get into that finance program. We're running a business, seven figures funding and we've literally, I mean thousands and thousands of entrepreneurs have been funded through our group here as of now.

I love that. So what are some of the misconceptions that people have, people who've never borrowed money perhaps, or never taken taken or received funding? What are some of the misconceptions they have early on?

One of the big misconceptions, and I'm going to talk more about this, but one of the big misconceptions is what it takes to actually get business funding and what business funding really is and how it compares to what some people will call corporate credit. And you know, a lot of people think if they have to use their personal credit, then all of a sudden they're comingled, they pierce corporate veils and they're in big trouble. When in all reality, almost every business owner had to some somewhat leverage their personal credit. And that's okay. It just has to be documented appropriately and you have to, you know, show that. And you know, QuickBooks, tools like that are very, very advantageous and sometimes leveraging that personal credit is what builds right into accessing business credit because personal credit is still really, really important when it comes to business credit. And we'll talk a little bit more about that. So I think the big misconceptions are just the difference between the two and when and how you can access different levels of funding.

Okay, well, I know you've got a presentation for us, so I don't want to cut into our time together, so why don't we just jump right into it?

Yeah, yeah, absolutely. I'll pull that up right now and then share my screen. Okay. So that look crystal clear for everyone there.

Looks great.

Okay, perfect. So I want to lead in with a quote here. This is one of my favorite favorite quotes and it gets me thinking. Even every time I read it. It's written down on a sticky note on my desk. Every time I look at triggers different thoughts and different emotions. So I want you to think about this. For you, money is a terrible master, but an excellent servant. Think about that for a minute. Money is a terrible master, but an excellent servant. Okay, now it's okay that everybody is on different levels of what percentage of my money is working for me versus am I working for 100% of my increase. But think about that and how it applies for you today. In the last 30 days. Take your increase. What percentage of that came solely from you going to work and doing your job versus what percent of that came from money you put into the stock market, money you threw into your business. Maybe it's real estate, whatever that may be. My goal today is to have every single one of us at Least pushing a lot stronger towards that money, working for me goal, because that is where true wealth comes into play. So in order to do this, I think one of the most important things we have to know and have to understand is this difference between personal debt and business debt. And we have to eliminate that consumer mindset and start thinking like business owners. So personal debt, in a very, very, very simple definition here, it's taking on debt with no expectation of a greater return. An example of this would be like a new tv, okay? If a client came to me and said, ty, I need $5,000 and they said it's so that they can go get a new TV for their living room, I am never, ever, ever going to encourage that. That is obviously a very bad debt. Business debt, on the other hand, would be considered taking on debt with an educated, again, not just an expectation of a greater return. And we can have an expectation of a greater return every time we go to Vegas. That doesn't mean we're going to get it. It's an educated expectation of a greater return. And that's why we work with mentors and that's why we read books and that's why we go to school and that's why we use softwares so that we can have these educated expectations of greater returns. At that point, debt can be a very, very, very powerful tool. Now, how many of you have heard of these two companies at the bottom right of your screen right now? Probably everybody. Everybody's heard of Google, everybody's heard of Under Armour. What a lot of people don't know about these two companies is very, very, very early on, as these companies were just launching and just getting started before any of us even knew what they were, they reached a point where they were done. They couldn't pay their bills, they couldn't buy supplies, they couldn't pay their rent, and they weren't to the point where they could qualify for a business loan. Maybe they didn't want investor money yet or investors didn't believe in it quite yet. Well, what they did, both of these are unique businesses because both of them were able to float their finances a few months by leveraging not even 0% interest, but just flat out personal credit cards. Literally these two companies right here exist because the owners went out and leveraged personal credit cards. Okay? They had an educated expectation of a greater return and they were willing to act on it. So when we think about this in our specific businesses, whatever this may be, I mean, for me, utilizing other people's money to buy things like Inventory to be able to pay for the right coaches and mentors so that I don't have to learn the hard way to be able to pay for the kind of marketing that I know is going to bring me a greater return because I've already done it and I've done my research to be able to utilize the right softwares. Okay. When we were just getting started in this business, when someone would apply for funding, it would take me about 25 minutes before I was able to do a soft credit check. By utilizing some financing and getting the right tools, I can have a credit check done in about 17 seconds now. Okay. That's the power of utilizing the right softwares and what it can do for your business. For a lot of us though, maybe we're not even to the point where we want the inventory, the coaching, the mentors, or we don't feel like we're there yet because we need to get our head out of water first. Well, the ability to transfer high interest debt over to 0% interest is a very, very powerful tool as well. And we'll talk a little bit about that. What I was talking about though, when you very first asked me that question, what are the big misconceptions or what are the big questions we get? I think the very, very biggest thing that we get is understanding where you're at in what we call the financial capital ladder. I couldn't tell you how many times I get on the phone with a new business, say, they say, ty, I need a business line of credit for $100,000 right now. Fantastic. You know, I wish I bought $100,000 worth of Apple 15 years ago, but it's not how, okay, we've got to understand where our business lies on this capital ladder and what it takes to get to these next levels so that we can be prepared and utilize those appropriately. So the very top of the capital ladder here, a true business line of credit. A true business line of credit. First things first, your personal credit has to be in check. I had a client literally a couple months ago and 690 credit score. Other than that, he was cash flowing about $300,000 a month. Had been in business for four years. Very strong, profitable business. He had a 690 credit score and business lenders were declining him. They're never going to report it personally. Right. It'll never show up on your personal credit report. And oftentimes it's not even personally guaranteed. But they'll still look at that personal credit for a decision to see if this is Someone that pays back their debts. Okay? You need to have two years in business. You need to have at least about $35,000 in average monthly revenue, and you need to have strong business credit ratings. Okay, I'm not going to open this can of worms right now. We can have a conversation about this later. But that means having your business set up with Dun and Bradstreet, having a paydex score, having an Intellis score, things like that, to show credit worthiness as a business. And we can teach you all about that.

Okay?

But that right there is why when someone comes to me and says, ty, I need this business line of credit tomorrow. I've been in business for two months and I haven't made any money yet. Well, you see now why that, that doesn't work. Okay? The business term loan, very, very, very similar to a business line of credit I have found on this lately. Sometimes they will let that 700 drop closer to the 680, 690 range. But they still are picky about your personal credit. They still want 2 years in business. They still want about 35k in revenue. Sometimes they'll let that drop a little bit lower. But it's very, very similar to the requirements for a business line of credit. Now we go down the next step here is an SBA loan. These right now are extremely tricky. And if you've gotten an SBA loan in the past, I applaud you because they are very, very tricky to get. And I'm not talking about the eidl, right? This economic disaster relief loan, the ppp, things like that are kind of why the SBA is so, so, so bogged down right now. But even before COVID and all these things, SBA loans are really tricky. Okay? You do need to have about 10 to 20% down payment. You need to have a 680 credit score. You need two years in business. Or you have to be opening a franchise that's on this list of verified franchises that can qualify for an SBA loan. So those can be extremely tricky. And really, they can take about six months in all reality to fund about 10 to 12% of people that apply actually get one. Now we go down to the next step here. This is a merchant cash advance. This is really one of the only forms of business funding that they won't check your personal credit. They don't care about your personal credit. Because these are extremely expensive loans, merchant cash advances. What they're doing is essentially they're looking at the last three months of your business revenue. They're Taking that average, say you average about 10,000 and they're going to loan you 80% of that 10,000, they'll give you eight grand and they'll say you need to make daily payments on this for the next 90 days and pay it back plus about 28%. So I really only would ever recommend a merchant cash advance if it's the only way we can stay in business or the only way we can start our business. And we know that the return on the loan is going to be greater. Now we start to get into the money zone here. And this is Business credit cards are an extremely valuable tool. Not a lot of people know how to leverage and how to utilize almost every business credit card out there. Although yes, they do look at your personal credit. It is personally guaranteed, but they don't report it to your personal credit. So much of your personal credit score is made up by credit utilization. And so if we have to go max out a credit card to get a batch of leads or pay for marketing or get some new supplies, if we put that on a business card, that's not going to report to the personal bureaus. So the nice thing with a business credit card is, is you can qualify by simply having an ein and having good strong personal credit. They'll give you that card based on your personal credit, but throw it in a business name. Okay, with personal credit cards, 0% interest cards, they, you know, they, they do want to see a minimum credit score right now, about a 1, you know, a 6, 80. But a lot of that has to do with what your utilization is. And we'll have a lot of one on one conversations about this. Because if your score is only lower just because you're maxed out on cards, we can pay your cards down, let your credit rescore and go get new 0% interest cards. That's a very, very common approach that we take with clients. So there's a lot of variables on the personal cards. That's why I don't put a ton of info there. And then the very bottom of this here is the personal term loans. These are just the standard signature loans where they're unsecured, you don't have to tie your home into them. They give you this loan based off of verifiable income and your personal credit rating. So your interest rate is going to be determined by your credit score and the loan amount is going to be determined by your income. But usually the very minimum there is about 45k. You have to show an income and then you can get a Loan. Most of these give you a three, five, sometimes a seven year option. They don't have prepayment penalties. And because it's a loan, there's no such thing as utilization. So getting a loan to pay down cards is a great way to immediately bump your credit score pretty significantly. Okay, if you want to screenshot this, take a picture, whatever you want. This is the financial capital ladder. These are the unsecured funding resources out there for businesses right now. Unsecured, meaning pay a home equity line is not on this list because obviously you're tying your home into that line of credit. So it's not unsecure. Okay, right here is exactly why we do what we call creative funding. As you can imagine as a business owner looking at that capital ladder, trying to figure out where you fall there, what you can qualify for, and understand that every step of that capital ladder has about 100 different lenders you could go through. It's very daunting to know which type of funding is going to be the best for you. So the way creative funding works is we have the ability to compare amongst hundreds of different lenders based on where you fall on that capital ladder. Now, obviously it's unreasonable to say I'm going to go out and apply to 100 different credit card companies for you because that would ruin your credit. That'd be a hundred inquiries and you never get funding again for two years. So what we do is we do that preliminary underwriting based on tons of factors. Not just your score, but where you live, how old you are, how many accounts you have, how long you've had them, what your utilization is like with each account. Tons of little factors. We break that hundred lender list down to about four to six lenders. Once we have these lenders determined, we have the software to submit those applications simultaneously. So let's just say, for example, it's someone that can only qualify for credit cards by having those applications go out simultaneously. Lenders are now looking at that application as if it's the only one that went out and you're actually getting a true clean approval decision from a lender. The human element of having to do one after another. Lender 2 is now going to see application number one. Lender 3 is now going to see application number 1 and number 2, and maybe even an open account. So it gets really tricky to maximize your funding by doing these things one at a time. We have found that by doing this, we will secure 60 to 80% more capital than if someone just went out and tried to do this on their own. Now, 80% more capital looks different for everybody. Okay, I have a little example again of an inventory driven business, but it doesn't have to be inventory driven. This is just simply saying if I can make 15% on my money month after month, and all I'm doing is reinvesting it, not throw more money in. But with this graph right here, all I'm doing is 15% reinvested month after month. Now, at the end of one year, with $2,000 as my starting point, I now have $8,700. Now, if you look at that return from a percentage standpoint, it's a really good number. However, we're not here to get a really high percentage return on $2,000. We're here to build businesses. We're here to change our lives. We're here to provide for our families, whatever your why may be. Now, I'm going to show this exact same chart here, but we're going to just now say we started with $15,000. Again, we're not breaking any records. We're not retiring, we're not going out and buying a Porsche. But this just shows the power of funding. Even just the difference between 2000 and 15,000, you now have a business that generates $65,254. And again, that's only 15% margins. I don't know what your margin is, and I don't know what your starting point with funding is, but that right there can show you the power of what funding can do for your business. Okay, so when we're looking at what funding is right for you, it kind of depends where you're at in your business. But for me, I am a huge, huge, huge fan of revolving credit. Reason number one, with revolving credit, such as business cards, you get credit based approvals. I understand most of us here are entrepreneurs. Sometimes we're business owners, and sometimes that means that we don't have pay stubs. Sometimes that means we don't have a W2. Sometimes that means that our tax returns don't look like we made as much money because we have all of these write offs. Credit based approvals means you can get approved based off your credit worthiness without having to show income, without having to provide collateral. Number two, with revolving credit, you only have monthly payments based on what you spent, which is very, very powerful. As a business owner, If I spend $10,000 on a revolving line of credit, your monthly payment is almost always going to be about 1 to 2% of your balance. So if my balance that month is 10,000. Well, I'm looking at $100 to $200 that I'm going to be spending versus a loan. Let's say you didn't spend any of that $10,000. 1% to 2% of 0 is 0 on a loan. You have a monthly payment whether you spend that money or not. And once it's gone, it's gone. You have to go out and get another loan. You have to call Ty back and figure out what you're going to do now because your money's gone. Revolving credit, you can use it again and again. It's not going to expire. The fourth reason here is it's the only form of funding that I've ever been able to find. Zero percent interest. And that is a very unique strategy for business owners here to be able to leverage 0% interest to really grow and build this business. That's extremely powerful if it's done correctly. And not only 0% interest, but most of these lenders actually will pay you to use their money. These cash back and point systems. Sometimes it's sky miles for me. I like to turn that into new inventory that I didn't have to pay for for my business partner. I heard him telling this story earlier today. For the last few years now, he has five kids, right? We're here in Utah, notorious for our big families. He has five kids and for the last few years literally covered all of Christmas for his entire family, leveraging the points and the cash back. Just because we do so much of our business spending on credit cards. Okay? It's really nice to get those points there and use them the correct way. Okay? Now for anybody that wants to get qualified or that potentially wants to get their clients qualified, here's why I think every single person should do this. Number one, there is no hard credit pole, meaning this will have no impact on your credit whatsoever. That right there should be enough, right? It literally will not do any harm. Number two, this comes into really starting to think like the business owner. I want you to see how much funding you can receive. Even if you don't want the money, even if you have no desire right now in your heart that you know I don't want the money. You'd be shocked how many times I have a client simply see, oh, I can qualify for 20,000 A gear shifts and they start to think if my return is 20% and I can get $20,000, they start to think like a business owner. They start to vision and they start to visualize what they really could do and that's powerful. So even if you don't take the money, I want you to start thinking like that. Okay? The third thing here, and I used to be really sensitive about this, but I don't want to be anymore. Because it's normal, right? It's normal. We shouldn't tiptoe around the need for credit repair because so many people need it, okay? What frustrates me and what's so hard for me is when people don't do anything about it. They say, oh, my credit sucks. And they tuck their tail between their legs and say, I'm not going to even try. Well, guess what? The credit's going to suck next year and the year after and the year after. Because frankly, I work in this industry. And I'll tell you, the credit system's broken. Yes, it can only stay on your credit for six years or five years or seven years. But guess what? It gets sold off to the next person, the next person and the next person. They keep reporting it, get it fixed. There are resources, There are ways to get this handled. If you don't submit, if you don't apply, I can't help you. But if you can submit your information and simply say, look, I'm willing to try and hear it out, we have credit repair solutions. Even if you don't work with us, we give you resources on how to fix it on your own. And then the last thing here is I want everybody to have the ability to. To strategize with a credit expert.

Okay?

Again, that comes down to shifting that mindset. Yes. And this is something that I say. I don't know if it's a famous quote. I can put Ty Talbot down in the bottom right with a little dash next to it. But for me, I get it. I was raised very, very poor. I was raised to fear money. My dad paid me to listen to the Dave Ramsey CDs. And I get that. I get that approach. But that approach is not how business owners think. That is a very, very good, safe approach. If we have a hard time being disciplined with our personal finances, okay? But again, yes, we live in a world where money is a necessity. But that doesn't mean we have to view money as a necessity. If we can learn to view money as a tool and not a necessity, you're not going to be afraid of money anymore, okay? We can learn to utilize it as a tool, not a necessity. And you'd be amazed by the type of things you can build. So for anybody that wants to go ahead, you know what? I put the wrong thing in there. I apologize so much. But you'll go to seven Figures app forward slash perfect. In fact, I can even fix that right now. I apologize. However, that is the correct page. That is what it's going to look like when you get there. 7 figures app forward slash perfect. Now, when you click Apply now, it's going to bring you to this page right here. Now, like I mentioned, I don't need all of this crazy information because this is a soft check. We're actually partnered with Experian. We went through that whole process. So your information is, isn't going anywhere. This is directly through Experian, the largest credit bureau out there. And no, it is not the one that got hacked. That was Equifax. Experian is very, very safe and secure. So you put your first name, last name, phone number, address, date of birth. We don't need your social. You fill this form out right here. Now, I do like to point out the format of the date of birth. For whatever reason, the way the credit reporting systems work, if it's not in that exact format, that green button won't shine and let you hit submit. So if it looks like a dark green button right there, it's because of the date of birth formatting. So it needs to be two numbers for the month, a forward slash, two numbers for the date, a forward slash, four numbers for the year, and then you can click Submit. Okay. Now, once you click submit, that's it. It's not like you're applying for a mortgage here. And I need every single document you could ever think of. That literally right there is it. Once I have that, we can enable a soft check. We can take a look, we can figure out how to help you. We can strategize with you. You're all going to receive a text message. Whether you qualify or not, we want to talk to you. So as soon as you hit submit, give it a few minutes, it'll come into our system. You'll receive a text message with a link and you can schedule a time to speak with our team right there. Okay? During that call, they're going to talk to you about your funding opportunities, credit repair opportunities, if needs be. Whatever is going to help you, they're going to strategize with you. They're not going to push you. We're just trying to help you build the foundation for the long term financial health of your business here. Now, what I wanted to do for this group here, and I hope this is okay, because it sounds like a lot of Business owners, a lot of entrepreneurs, a lot of people that really could benefit from knowing and understanding a little bit more about business credit and how it works. So if you go to www.7figures, app forward slash, freecredit, right there, there's a course you can access for free. We literally dropped it down to zero. Inside of that course, there's what's called Credit College and the Business Credit Accelerator. Hey, the Credit college, if you want to go through it, great. It's all about personal credit, how it works, how it's developed, what the algorithms that build your score, all of that fun stuff. The Business Credit Accelerator is all about business credit. Paydex scores, Dun and Bradstreet, what they are, how you can build your business credit and the strategies behind that. Okay, so again, seven figures, app forward slash, freecredit. Depending on the browser you're on, for whatever reason, I need to talk to my tech guy. You might have to Type in the www, so if it's not loading, type in www.and it'll load right up for you. Okay? But that being said, if you're okay, Satchin, I'd love to answer any questions that you all may have.

Yeah, let's do that. I would love. If you've got a question, go ahead and raise your hand using the reactions feature. And this would be a great opportunity for you to ask questions. I will say that, you know, to be a good entrepreneur, you've got to be creative. You've got to find creative solutions that allow you to get your message out into the world. And I would say that funding or really underfunding is one of the biggest reasons that people don't succeed. Because we end up doing things in our business that we shouldn't be doing that are outside of our comfort zone and not outside of our comfort zone where we need to grow. We're essentially doing things in our business that don't grow us as the entrepreneurs that we want it to be. Right? So if you've got a clinician that is spending hour after hour after hour trying to figure out how to get a funnel to work. Well, that doesn't make sense unless you plan on building funnels for other people. It might make more sense for you to hire someone who can do that for you so that you can accelerate the growth of your business. Or some of us might need inventory or we might need equipment, or in many cases, we might even need mentorship, right? Somebody who's going to help us take that money and multiply it even faster so that we can Reach more people and impact more lives. So, you know, every entrepreneur that I know of needs money in order to fuel their business. And we want to be strategic about it so that we're not creating undue stress for ourselves. And I love this revolving credit model, which makes a lot of sense because once you pay it off, that credit becomes re available to you. Right. It's not something like a loan where you get a $10,000 loan, you pay the loan off. Well, now you've got to reapply for another loan, which may or may not happen for you. So the revolving credit is a great way to, you know, to fund some of these visions and dreams that we have for our business. So looks like Samantha's got a question. Samantha, go ahead and unmute yourself and fire away.

Hi. Well, I have a really good credit score. I don't need to repair it. I have a $500 credit limit business credit card with US bank, but $500 isn't very much. So I guess, though, what I'm wondering is how this revolving credit would be different from like this business credit card that I already have with U.S. bank? I mean, in a sense, from a spending standpoint, it would be the exact same thing. Right. It's a credit card, but it's a matter of knowing because of all these factors on your credit and where you live and what type of business you're in, all these little nitty gritty factors, knowing which of these lenders are going to give you a much higher limit and if they're not going to give you a much higher limit now. Well, what do we need to do to get your credit set up so that you can get much higher limits in the name of the business here in the near future? That and then simply the ability of submitting out simultaneously. Right. So say you're a perfect match for five different lenders. If you went out and did those one at a time, hopefully you get the first or second, but the third, fourth, and fifth are likely going to decline because they see those other inquiries. So having us do those all simultaneously is going to get you the ability to get quite a bit more in approvals.

All right. Does that answer your questions? Mantha, You're muted. Okay. I'm going to assume yes, because you're still unmuted for some reason.

Sorry. Yes.

There you go.

That helps. Awesome.

Looks like Cindy has a question and looks like her question is asking is this suitable for businesses only or is this suitable for personal loans for people for being able to join our program?

Actually, both yeah, we can absolutely help with both. Both with personal cards, personal loans. We actually have a new loan product that has, in one swift motion, we can get decisions in 17 seconds from over 50 lenders without impacting their credit whatsoever. So it's pretty remarkable software that we'll be able to utilize. Oh, amazing.

Is there a minimum amount?

5,000 is usually the lowest we'll go on a loan.

Okay, so that. So a loan is. That would be different than the revolving credit, Right? Because the revolving credit would be a business credit card. Is that correct?

Yeah, business or personal card. Really, if we're getting much lower than 5,000, we're just going to kind of point them, hey, here's a good credit card. Go apply for it. It's not really advantageous to spend all that time and work with us on it. But what oftentimes we help these students understand is if you only need 5,000 and you spend all 5,000, that's 100% credit utilization, your score is going to drop significantly. So if you need to spend 5,000, you really want to access about 20,000. So it's a much lower utilization rate and your credit can actually be strengthened.

I wish somebody taught this in school, you know. What's your take on student loans? I know a lot of people, like, feverishly pay back their student loans. Is there any advantage to that from your perspective?

It depends. I'm a big fan of. With something like a student loan, I want to make my smallest payment possible and get that money working for me other ways because I think I can make more money with it than I can getting that student loan paid off quicker and saving a little interest. But if it's someone that's just simply the 9 to 5, they don't want to invest their money. They're not going to invest their money. They're just going to clock in, clock out, go home and live their life. Then. Yeah, get that student loan paid off as quickly as possible.

Okay, well, to me, you made a compelling argument for everyone to do this. To fill out the application at least doesn't affect your credit score, and at least you can sleep at night knowing if you have access to additional resources if you need them. Let's say, hypothetically, I'm curious for those of you to type into the chat, if you had an extra $25,000, how would you spend it in your business? What would be different about your business? Maybe your website gets a refresh. Maybe there's a sales funnel that you need to build out, that you get built out. Maybe there's a person that you could hire to help you with the marketing, to get your message out there in the world. I mean, the only reason I would encourage you not to invest in your business or not to get a loan or get the credit is if you don't do good work. Right? So we don't want you to take out a loan. And if your business doesn't actually solve problems for people, but if it does solve problems for people, especially those of you on this call, you're in the healthcare space, then it's important that you do whatever it takes to get the message out there to more people. Ty, is there anyone that should not apply for this? From your perspective, like does this, I would imagine this isn't for Canadians.

Yeah, you know, I'm glad you brought that up because it's something I'm telling you. We're working very, very hard on that to be able to serve the, our Canadian applicants and Canadian clients right now. There's just not a ton of solutions quite yet. If you apply, we do have one resource that can try and help point you in the right direction. But all of our, you know, our softwares, our services, everything's geared towards. You have to have a Social Security number or a US based business with a US bank account and an ein. So sometimes we do have Canadians that do have that US business, US bank account we can help serve. But outside of that, yes, you do need to have a Social Security number.

Now let's say somebody hypothetically doesn't need the money. Would you advise them to at least secure it so that it's there for a rainy day if they need it? Or should they wait for the rainy day and then apply?

Absolutely. Get the money. It's way better to have the money and not need it than vice versa. And if you start to try and find money once you need it, it's typically too late.

That's how it works, right? Like when you need the money, nobody wants to give it to you. But when you don't need it, banks are sending you pre approved cards, right?

Yeah, exactly.

Okay, well this is great. Does anyone else have any questions for Ty? Everyone's filling out their application.

Yeah, no, absolutely, absolutely. And the other thing too, we, you know, that I didn't mention. But you know, with so many people being in the medical space and whatnot, there are a lot of funding opportunities that are very industry directed as well. And you know, doctors and chiropractors and dentists, there are unique funding opportunities for specific industries that can be very, very Tricky to go find on your own. And oftentimes you do have to work with a verified broker, per se. And so definitely as you're scheduling these calls and you're speaking to your funding advisor, let them know what you do. Right. If you're a chiropractor, you're a doctor, whatever that may be, definitely tell our team what you do so that we're exploring the entire marketplace for you here.

Okay. Awesome. Cindy has a question about debt consolidation. I'm assuming she's wondering if this would be a good strategy for that. What's your take?

Absolutely. That's. Honestly, I'd say a little less than half of our business is helping people restructure high interest credit cards because we don't like debt consumption, we don't like debt consolidation. In the fact that they close your credit cards, there's creative ways to do this. In fact, I have a client that I just finished working with. Her credit card got extremely overutilized by about $70,000 because she's going through breast cancer and her insurance was all messed up. So she's paid for so much of it on credit cards. And it's terrible because so many of Those cards were 19.99, 22.99, just standard credit card rates. Fortunately, she has a spouse that had verifiable income and we were able to get one loan for about 40,000, another loan for about 20,000. We were able to pay those cards down to get her utilization brought down, which in turn when those report to the bureau's, the score jumps up. Her score specifically went up by about 70 points. The second those scores jumped up, we submitted to the very best 0% interest lenders that we found and matched to her. We got her about $65,000 with 0% interest for 15 months on the vast majority, but 20,000 of it came with 20 months no interest. We then took these new 0% cards, took remaining debts, balance, transferred them over to 0% interest, and now over the next 15 to 20 months, all of her payments are going towards principal. And she finally felt like she could take a deep breath and get ahead, which she hasn't been able to do for a couple years now. And so that's a prime example of she was to the point where she was going to do debt consumption and try and just sell off her debt and ruin her credit and never work with specific lenders again. So there's typically creative ways to go about this. It's just knowing and understanding and fighting finding the right way to do it.

Yeah, it helps to have someone in your corner like your team. Right. That's looking out for you and creating a win win opportunity. John's got a question. John, feel free to unmute yourself or I can read your question, whichever you prefer.

Well, I could read. I can read it.

Tyler, nice to meet you. I was just asking about.

I came in late.

I apologize. Maybe you've already covered.

Hey, John, your mic. Your mic's up. Pull down.

Sorry. All right, there we go. I came in late, so I apologize. Maybe you've already covered this. Is this specifically business lines of credit.

Or is this personal or both?

What do you, what, what do you manage?

Both. Both. Okay. Kind of do an analysis and help you figure out the best funding you could qualify for.

Okay, then I guess my question is because I'm trying to establish I've got personal credit, whatever, but I don't have any business credit and I don't have a business credit card even. I mean, it's ridiculous. But I said I put everything on my personal card. So in trying to do that, if I'm trying to establish a business line of credit, is it dependent upon my personal. Any personal guarantees or assets for my personal life?

Very dependent. Very dependent. Especially as you're starting to build that credit. But that's absolutely something we could help you with. And the fact that you do have and use personal credit cards is a huge advantage as you're trying to transition to business cards. One of the big things business credit card companies will look at is have they used the personal version of our card before? What is their payment history like? What is their credit like with us? And that's a huge advantage going into business credit.

Thank you. Great question. John, tell us about a disaster story that, that you've heard where somebody just like thrashes their credit because they don't know what they're doing. I'm sure you've got, I'm sure you've heard plenty or have plenty of those.

You would be, you would be shocked. And that, and that's why I tell people, don't be embarrassed to apply. Like, it's like the doctor that their person coming in was embarrassed because they had athletes foot. It's like they don't care. They just want to help you. It's the same thing here. I, I think the record though, I have had someone come in that had over 100 inquiries in the last six months and they were literally doing card after card after card after card. And what blew my mind is like, in fact, I almost kind of was, was Impressed by like the, their willingness to keep applying. Like, I feel like after 30 denials I'd probably stop. But they, they literally in a six month period had applied for over 100 different cards and loans. And you know, sadly that's just. You have more than about five denial inquiries in your, on your credit over the last six months. And it's kind of take it easy for the next year or so before you're really going to get approved for anything. So the main disaster stories, I see that that's really what it is. It's just not knowing and understanding credit and how inquiries work. And you know, having 100 even, you know, 80 inquiries in that short window is, I don't know, like I said, almost impressive. But we've seen it all, all sorts of different types of collections and this and that. But again, we just want to help. That's all it is. And educate. That's why we, you know, my thing with myself and my partner, we talk about this all the time. We're so frustrated that definitely not in high school. I don't think the word credit was ever even mentioned in high school. When I went to high school and I'm only 29, I'll be 30 in a few months, they were literally still teaching us how to write checks. How many checks do you think I've written in my career?

Zero.

Okay. They didn't mention credit. And then I go to college and I study finance, literally study finance. And I still don't think I ever, not even think. I never once was taught what a paydex score was or an intelliscore or not to mention even a FICO score. So for us, it's really our main mission behind what we do. And it's on our wall over there. If I could take you all through the office. But we want to educate and empower entrepreneurs and a big part of that is helping them know and understand how credit actually works. And that's why we have seven figures, app, forward slash, freecredit for groups like this, because it's on us to educate the future. And you know, if we ever get to the point where I get to retire When I'm 40, I literally was telling Leo today I want to go teach and educate and do seminars that talk about credit and how it actually works because it's such a valuable tool and it's such an expensive, expensive problem if you don't take care of it.

Yeah, I mean, I can see it going sideways for some people, you know, if they don't manage their debt Correctly or even how they access the money correctly. Because there's people out there that may be ready to give you money, but you got to pay for it on the back end. Whereas the solutions you're offering seem to be very, very reasonable and zero interest. I mean, you can't get much better than that. And in fact, some of these cards will even pay you. Right. For using them with all the points that you got.

Exactly. Exactly.

So for those of you that are kind of sitting on the fence, do you have any words of wisdom for them besides just do it and see what happens? It doesn't, doesn't affect your credit score at all. It's a great way to know if you're eligible. How soon do they find out if they qualify? Is that something they get on a call with somebody about?

Yeah, they'll get an email. So the text will get them scheduled. With the right team, you'll get an email letting you know whether or not you qualified. And then during that phone call, they'll go over actual dollar amounts that you qualify for just based off your soft report. But then on that call, you know, if we want to look at potential business financials, to look at a true business line of credit, things like that, that's why we need to have that phone call. I mean, like I said, for those on the fence, the biggest thing, and whether it sounds cliche or not, it's true. And I see this day in and day out. It is way better to have the money and not need it than to need the money and not have it. And like I followed that statement up with a few minutes ago, if you're waiting until you need the funding to go get the funding, it's, it's 99% of the time, it's, it's too late. So again, I encourage everyone to take action. Even if you don't want the money, it'll help you start to think and visualize and get that entrepreneur mindset that we all need and strive to reach.

Okay. And there was a private message that I got that the button wasn't working for somebody and that probably has to do with the date. So if you want to clarify that, just in case somebody missed it.

Yeah. So it's the date of birth field. I don't know why. It's something the way it ties into the credit pulling system. So it's gotta be two numbers for the month with a forward slash and then two month, two numbers for the day with a forward slash and then four numbers for the year, not two. It's gotta be four numbers for the year. And then once you click out of that box, so if your cursor's still in there, it may not populate. You just have to click out of that box and then the submit button will light up for you.

Okay, and this person was saying the Apply now button wasn't working for them, it's working for me. I'm using Chrome. I don't know if it's browser sensitive or not, but maybe try a different browser and see if that does the trick.

Yeah, I don't know. I haven't heard that one yet. But, you know, feel free to reach out if you're having a hard time submit. We can always put it in manually.

Okay, well, there you have it, folks. Literally, in 30 seconds, you'll be able to fill out the application and see if there's an opportunity for you to be able to find your dreams, fund your vision, hire the right people to help you grow, Hire an office assistant, a virtual assistant, hire a mentor, join the right community, invest in the equipment that you need, the inventory that you need, the software that you need. We all need these things. And in the beginning, there may not be money pouring into our practices until we are effective at communicating our message and putting it out there in the world. So hopefully this provides a solution for many of you who are in need of some extra funding or some reserves so you can dream bigger, sleep a little bit better at night. I would imagine you should do a study to see what people's Oura Ring scores say after they get approved. Yeah, there you go. To see what their Oura Ring scores say to see if they're actually sleeping better. That would be pretty interesting because I know money is the thing that keeps us up at night. It definitely kept me up at night many, many nights when I didn't know where my next paycheck was coming from. So getting that line of credit for me, I didn't have access to your brain and I guess you would have been 19 at the time, but I didn't have access to someone like you who would have been looking out for me. And, you know, so this is a great opportunity. I feel for all of you, no matter your age, no matter where you are in your business, a little bit of extra reserve doesn't hurt. So fill out the application and I guess Ty and his team will be in touch with you afterwards to follow up.

Absolutely. Thank you all. I appreciate the time. It's been awesome.

Thank you, my friend. And yeah, do you have any closing words? Or anything else that you wanted to share.

You know, I think the last thing I would close with one last time is that quote. Let me pull this up because I think it's very powerful and I think everyone should take a screenshot of it.

And P.T. barnum, he's the. From Barnum and Bailey, right? So.

Yes, yes. Which that's an interesting story. Everyone should do some research on that. But again, my closing statement there, my closing comment comes from PT Barnum. Money is a terrible master, but an excellent servant. So if you get nothing else from this today, I encourage you to all commit to getting that money working for you. However, that's going to be get that money working for you because that's true wealth and that's true freedom.

Amazing. Well, thank you everyone for tuning in today. Lots of love. Ty. Appreciate you and your energy and what you're doing to help entrepreneurs grow their dreams. Much appreciated and have a great evening. Thank you, everyone.

Appreciate it.

All right, talk to you soon.